A few minutes ago Pod2G together with Dev Team and Chronic Dev Team released the untethered jailbreak solution for iOS 5.0.1 for all iDevices except iPhone 4S and iPad 2. The solution ONLY works on iOS 5.0.1 so if you need you must update to iOS 5.0.1. Now if you have already jailbroken on iOS 5.0.1 you can do untethered jailbreak right from Cydia by installing the packagei Corona 5.0.1 Untethered. This package can only be installed by those who have already jailbroken ONLY on iOS 5.0.1. Do not try the method on iOS 5 because it will not work.
If you have iOS 5.0.1 jailbroken, open Cydia, access the last button on the bottom right and search for the word Corona. You will see the package below, you will install it and after reboot you will have untethered jailbreak.
UPDATE: Corona should work even if you have a semitethered jailbreak. IF you have installed any version of Siri, you may not be able to untethered jailbreak using Corona. If you find yourself in this situation, you must restore to iOS 5.0.1 before using Corona.
